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Facade Securities has an issue of $1,000 par value bonds with 8 years remaining to maturity. The bonds pay 7.7% interest on a semiannual basis.

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Facade Securities has an issue of $1,000 par value bonds with 8 years remaining to maturity. The bonds pay 7.7% interest on a semiannual basis. The current market price of the bonds is $1,175. What is the yield-to-maturity of the bonds? Select one: a. 8.38% b. 6.09% c. 6.87% d. 5.02%

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